possible interesting precedent in exiting babcock and brown and its associates and its outrageous fee extraction and related party transactions from bbi.
recent asx announcement re ocp formerly aep
Oceania Capital Partners Limited (ASX: OCP) advises that it has withdrawn its appeal against the decision by the NSW Supreme Court on 9 December 2008 that OCP’s notice to terminate the Management Agreement with Allco Equity Partners Management Pty Ltd (Receivers and Managers appointed; in liquidation) (AEPM) was not valid.
This follows the decision last week by the Australian Securities and Investments Commission to cancel the Australian Financial Services Licence (AFSL) held by AEPM. OCP no longer requires a decision from the Appeal Court on the validity of the notice of termination as the cancellation of the AFSL commences a process that may lead to OCP having a right to terminate the Management Agreement.
OCP’s discussions with the Receivers and Managers appointed to AEPM about the way forward are continuing. OCP is not in a position to indicate the likely outcome hold beppa
BBI Price at posting:
6.8¢ Sentiment: Hold Disclosure: Held
